Importance of Marketing - B Com PDF Download

Importance of marketing

• Marketing aids in the movement, exchange, and transfer of goods: Marketing plays an important role in the transfer, trade, and mobility of goods. Customers can obtain goods and services through a variety of intermediaries, such as wholesalers and retailers. Both manufacturers and consumers benefit from marketing.
  It informs the former about consumers' individual requirements and preferences, and the latter about the things that producers can provide. "Marketing entails the design of items that are acceptable to consumers, as well as the conduct of actions that allow the transfer of ownership between seller and buyer," says Prof. Haney Hansen.
• Marketing Aids In Raising And Maintaining The Community's Standard Of Living: Above all, marketing is about providing a standard of living to the community. "Marketing is the delivery of a level of living," says Paul Mazur. Professor Malcolm McNair went on to say, "Marketing is the production and delivery of a society's standard of living."
  Marketing has played an essential part in enhancing and maintaining community living standards by ensuring the continuous availability of goods and services to consumers at a reasonable price. The community is divided into three classes: affluent, middle, and poor. Marketing provides all that these various groups of people require.
  With the advent of modern marketing strategies, even the poorer parts of society have been able to achieve a fair quality of living. This is mostly due to large-scale production and lower commodity and service pricing. In fact, marketing has revolutionised and modernised people's living standards in current times.
• Marketing is a job creator: Marketing is a complex system that involves many people in one way or another. Buying, selling, financing, transportation, warehousing, risk bearing, and standardisation are all key marketing tasks. Various actions are carried out by a huge number of people and bodies in each of these functions.
  As a result, marketing employs a large number of individuals. It is believed that around 40% of the population is reliant on marketing, either directly or indirectly. The role of marketing has expanded in the modern period of large-scale production and industrialisation.
  People have been able to find work as a result of marketing's expanded function. Conversely, Huegy and Mitchell correctly point out that "continuous manufacturing requires continuous marketing; only then can employment be retained and a high level of economic activity be maintained."
• Marketing as a Revenue and Income Source: The effectiveness of the marketing function is critical because it is the only way for the company to produce revenue or income and profit. "Any effort related with gaining income is a marketing action," according to Buskirk. It's all too simple for an accountant, engineer, or other professional to work on the assumption that the company would generate a large amount of revenue.
  However, someone must actually go into the market place and get cash from society in order for the company's operations to continue, for without these monies, the organisation will expire."
  By establishing time, location, and possession utilities, marketing creates numerous opportunities for profit in the process of purchasing and selling things. This income and profit is re-invested in the company, resulting in further earnings in the future. Marketing should be given the highest priority because the marketing function's effectiveness is critical to the firm's existence.
• Marketing serves as a foundation for decision-making: A businessman has numerous challenges, such as what to make, how to produce it, when to produce it, how much to produce, and for whom to produce it. In the past, local marketplaces were less of an issue. A direct link existed between the manufacturer and the customer.
  In today's world, marketing has become a highly difficult and time-consuming process. Along with production, marketing has evolved as a new specialised activity.
  As a result, producers rely heavily on marketing mechanisms to determine what to make and sell. A producer can regulate his production with the use of marketing tactics.
• Marketing can help you come up with new ideas: Marketing is a constantly changing idea. With the passage of time, it has undergone significant changes. Changes like these have far-reaching implications for manufacturing and distribution. With people's interests and preferences changing at a quick pace, marketing must adapt.
  As a tool for measurement, marketing allows companies to comprehend this new demand pattern and, as a result, develop and distribute items in accordance with it.
• Marketing Is Beneficial To The Growth Of An Economy: "Nothing occurs in our country unless someone sells something," said Adam Smith. The kingpin that keeps the economy spinning is marketing. The more scientifically organised marketing organisation makes the economy robust and stable; the less stress on the marketing function, the weaker the economy will be.